FY2024 EPS Estimates for Devon Energy Reduced by Scotiabank

Devon Energy Co. (NYSE:DVN) – Analysts at Scotiabank decreased their FY2024 earnings per share estimates for Devon Energy in a research report issued on Wednesday, January 8th. Scotiabank analyst P. Cheng now expects that the energy company will earn $4.70 per share for the year, down from their prior forecast of $5.55. Scotiabank has a “Sector Outperform” rating and a $48.00 price objective on the stock. The consensus estimate for Devon Energy’s current full-year earnings is $4.79 per share. Scotiabank also issued estimates for Devon Energy’s FY2025 earnings at $4.20 EPS.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, topping analysts’ consensus estimates of $1.09 by $0.01. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The company had revenue of $4.02 billion for the quarter, compared to analysts’ expectations of $3.72 billion. During the same period in the prior year, the firm earned $1.65 earnings per share. The firm’s revenue was up 4.9% compared to the same quarter last year.

A number of other analysts have also weighed in on the company. BMO Capital Markets cut their price objective on Devon Energy from $52.00 to $48.00 and set an “outperform” rating on the stock in a research report on Friday, October 4th. StockNews.com raised Devon Energy from a “sell” rating to a “hold” rating in a research report on Friday, January 3rd. Citigroup cut their price objective on Devon Energy from $55.00 to $48.00 and set a “buy” rating on the stock in a research report on Tuesday, November 26th. Truist Financial cut their price objective on Devon Energy from $43.00 to $42.00 and set a “hold” rating on the stock in a research report on Monday. Finally, Mizuho cut their price objective on Devon Energy from $51.00 to $47.00 and set an “outperform” rating on the stock in a research report on Monday, December 16th. Ten analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $49.18.

Devon Energy Stock Up 1.2 %

Devon Energy stock opened at $37.22 on Monday. Devon Energy has a twelve month low of $30.39 and a twelve month high of $55.09. The stock’s fifty day simple moving average is $35.58 and its 200-day simple moving average is $40.49. The company has a current ratio of 1.11, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61. The firm has a market capitalization of $24.45 billion, a P/E ratio of 6.91, a P/E/G ratio of 1.07 and a beta of 2.00.

Hedge Funds Weigh In On Devon Energy

Several hedge funds have recently made changes to their positions in the company. Paragon Capital Management Ltd grew its holdings in shares of Devon Energy by 2.7% during the fourth quarter. Paragon Capital Management Ltd now owns 15,439 shares of the energy company’s stock worth $505,000 after purchasing an additional 400 shares during the last quarter. Stolper Co boosted its stake in shares of Devon Energy by 2.3% during the fourth quarter. Stolper Co now owns 134,255 shares of the energy company’s stock worth $4,394,000 after buying an additional 3,029 shares during the period. Cliftonlarsonallen Wealth Advisors LLC boosted its stake in shares of Devon Energy by 0.6% during the fourth quarter. Cliftonlarsonallen Wealth Advisors LLC now owns 98,546 shares of the energy company’s stock worth $3,225,000 after buying an additional 572 shares during the period. Smith Anglin Financial LLC acquired a new stake in shares of Devon Energy during the fourth quarter worth about $228,000. Finally, Foundation Resource Management Inc. boosted its stake in shares of Devon Energy by 2.3% during the fourth quarter. Foundation Resource Management Inc. now owns 87,739 shares of the energy company’s stock worth $2,872,000 after buying an additional 1,957 shares during the period. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 30th. Shareholders of record on Friday, December 13th were issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.36%. The ex-dividend date was Friday, December 13th. Devon Energy’s payout ratio is 16.33%.

About Devon Energy

Devon Energy Corporation, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.